A $22 Billion Mega-Project For An Unexpected Energy Power

One trend that's been quietly unfolding in the oil and gas space is the rise of Asian energy companies.

Quite simply, E&P firms in this part of the world are making some of the biggest moves in today's industry. Both in terms of adopting advanced technology for things like directional drilling--and committing big funding for ambitious development projects globally.

This week we got more confirmation of the potential in this part of the world. When one of the most quiet but critical firms here announced one of the biggest new works the region has seen in a long time.

The company is Thailand's PTT. The parent firm of an energy conglomerate that includes E&P outfit PTTEP. And a company that is apparently expanding its footprint in the petrochemicals business, in a major way.

PTT said this week that is has submitted a feasibility study for a $22 billion oil refinery and petrochemical complex in central Vietnam. A mega-project that the company will reportedly undertake in partnership with Middle Eastern major Saudi Aramco.

This is one of the largest energy projects in Southeast Asia for a long while. And also an unlikely pairing of a local company with one of the most recognizable energy firms on the planet.

But looking at PTTEP's track record recently shows a determined expansion effort. With this being just the latest in a string of expansion moves by the company.